Hold NBCC; target of Rs 108: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss's research report on NBCC

GST impact led to NBCC’s Q4FY18 standalone top line declining 7% YoY to INR21.8bn. EBITDA margin, at 8.3%, fell ~60bps YoY, which led to adjusted PAT falling 12% YoY to ~INR1.4bn. The company’s order book stands at ~INR800bn, which provides robust revenue visibility (~13.5x TTM revenue). Management has guided for ~INR250bn order intake and ~30% revenue growth in FY19.

Outlook

We expect top-line growth to improve driven by pick up in work on projects awarded over the past six months. We maintain ‘HOLD’ with target price of INR108, based on 35x FY20E EPS.

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